Bitcoin may be preparing to mirror its robust rally earlier in the year, when it recorded gains of close to 30% in a month, according to a popular crypto strategist.

The current price action of the world’s largest cryptocurrency by market cap is similar to its market structure in June, when Bitcoin soared from a low of around $25,000 to a year-to-date high of $31,850, according to crypto analyst, Credible Crypto, on social media platform, X.

The trader said Bitcoin is likely consolidating following its recent rally, as occurred three months ago, The Daily Hodl reports.

This prediction follows on from Bitcoin’s strong performance last week. The analyst went on to add that the number one crypto printed a bullish candle last week, a technical pattern that could indicate the beginning of an uptick.

“Weekly has closed. Bullish engulfing candle confirmed, BTC. Remember, it’s not just about this candle in isolation, it’s about the context surrounding this close that makes me so bullish.” 

Furthermore, the strategist also stressed the importance of the bullish engulfing weekly candle. Credible Crypto added that the candle is more significant after Bitcoin bulls defended a key support level.

“The bullish engulfing candle in and of itself is not that impressive – it’s when you look at it in context that you realise how significant it is.

“That is, after four red weekly candles, we STILL failed to break the bullish market structure at $24,800, moved generally sideways, and we now have a bullish weekly engulfing to signal a potential reversal.”

The analyst added: “When you put it all together, it’s much more than just a simple bullish engulfing candle.” 

At the time of writing the price of Bitcoin stands at $27,311.